The central bank said the three revised master directions on fraud risk management are principle-based and strengthen the role of the board in overall governance and oversight of fraud risk management.
“The master directions now expressly require that the REs (regulated entities) shall ensure compliance with the principles of natural justice in a time-bound manner before classifying persons/entities as fraud, duly taking into account the SC Judgment dated March 27, 2023,” a RBI statement said.
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RSS condemns Manipur violence, asks governments to resolve conflict fast
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